Algorand DeFi Ecosystem Receives A Frontier Boost

The chain-agonistic DeFi aggregation layer Frontier recently received a notable grant from the Algorand Foundation. Frontier announced their partnership with a message that this significant grant will be used to add support for the Algorand blockchain and protocols built on top of the Frontier application. 

Regarding the grant, Ravindra Kumar, CEO of Frontier, said: "We are excited to be working together with Algorand Foundation in building a true borderless economy for everyone. Frontier as a user faced product will simplify user on-boarding and interaction with dApps built on top of Algorand Blockchain.”

Adding to this, Algorand Foundation CEO, Sean Lee, said: “We are delighted to announce our partnership with Frontier today. Friction exists in DeFi today and through this partnership, Frontier will support the DeFi ecosystem on Algorand, improving the user experience by enabling users to monitor and manage their DeFi portfolio from one application.”

Frontier: An Outline

As an outline, the Frontier Ecosystem includes Frontier DeFi Application - DeFi Aggregator on Mobile Frontier Chain - A Cosmos Based Decentralised Key Management Blockchain UniFront - Unified API for all DeFi Protocols as well as services. 

Frontier, a chain agonistic DeFi Aggregation layer is currently setting the ground for Frontier Chain, a Decentralized Key Management blockchain based on Cosmos SDK. Frontier’s main goal is to build a chain-agonistic DeFi aggregator mobile-first product. Using the Frontier mobile-friendly application, users can seamlessly track and manage DeFi applications, positions, stake assets, swap or exchange assets, and explore more DeFi applications on a centralized platform. 

Apart from the Frontier chain, they also firmly support protocols built on Ethereum, Binance Chain, Solana, TomoChain, and Cosmos. Currently, this grant Frontier will be supporting the Algorand ecosystem as well. Users are going to benefit from this partnership in multiple ways like, 

• Store, spend and receive ALGO tokens safely and securely with Frontier.
• Stake ALGO using Frontier.
• Connect the Trust Wallet with the Frontier interface to track and stake AGLO tokens

FRONT Tokens: 

FRONT tokens are highly liquid tokens and can be easily purchased or traded on both centralized as well as Decentralized platforms. This includes several top 10 exchanges such as Binance, Huobi, OKEx, Uniswap, and Balancer among others. Some of the most popular trading pairs of Frontier tokens include FRONT/USDT, FRONT/BTC, and FRONT/ETH.

Therefore, the significant benefits of FRONT as a utility coin are, 

• Staking on Frontier Chain
• Gasless transactions in Application Suites of both iOS and Android
• Liquidity Provisions, of both DEXs and AMMs
• Incentive protocol, using of DeFi via Frontier
• NFT Acquisition
• Referrals

What Is Algorand?

Algorand is an open-source, public cryptocurrency blockchain system and protocol that aims in delivering decentralization and security for all participants. It is known as the first blockchain to provide immediate transaction finality with zero forkings and uncertainty. With its permissionless, pure proof-of-stake protocol it becomes an ideal option for creating next-generation financial products. Algorand has hit the ground running with its fast transaction processing, low-cost, and decentralized consensus, and has efficiently positioned itself as one of the most alluring DeFi platforms in the space. With continuous technological advances and an ever-expanding list of high-value partners, Algorand continues to remove the technical barriers that have undermined mainstream blockchain adoption for years. 

What Is The Algorand Grants Program?

The Algorand foundation is an organization built with a vision to focus on driving mainstream adoption by engaging, educating as well as enabling to build a borderless community and frictionless economy on public decentralized blockchain technology. Algorand has announced the launch of its 250-Million Algo Tokens(ALGO) Grants program implemented to encourage faster and seamless developer activity on its blockchain. They firmly believe that this broad, worldwide, multi-year program will eventually provide enough funding to projects, such as building apps to support infrastructure, end-user applications, as well as research innovation on the Algorand blockchain.To create a decentralized blockchain technology, this grant will help foster a seamless ecosystem for the same. 

Fangfang Chen, Head of Operations at the Algorand Foundation said, "We believe that a public, permissionless, pure proof-of-stake blockchain with an open-source approach is fundamental to delivering on the vision of a borderless economy.”

The grant's size will depend on certain factors of the project like complexity, importance, and the urgent need in the market. As a part of the program, 250 million ALGO will be initially allocated to significant developers and projects across four major categories. The categories include, Innovative Research Proposals, Development Tools and Infrastructure for Algorand blockchain, Applications and Use Cases for decentralized applications, and Education and Community initiatives. DeFi payments, exchanges, social media integration, supply chain, and asset tokenization is also included in the Potential use cases category. Frontier has also joined Circle, Props, Bloq, Chainalysis, Eterna, RockX as the significant beneficiaries of this program.